Refractories Market Expected to Register Excellent Growth Rate By 2030

Pune, India, March 2021 /MRFR Press Release/- Market Research Future published a half-cooked research report on “Global Refractories Market Research Report - Forecast to 2030” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2030.

Overview 

The global refractories market, during the forecast period 2023 - 2030, will register growth at a CAGR of 6.00%. The market for refractories is set to reach USD 40 Billion by 2030. As per market analysts, the global market is anticipated to witness growth owing to the factors such as rise in infrastructure development across emerging nations as well as the rising urbanization and industrialization. However, the market will face challenges and restraints due to growing environmental concerns and guidelines and regulations on refractory waste disposal during the forecast period 2023 to 2030. 

Growing investment into construction of commercial and residential buildings in the market is set to play a key role in determining the growth potential during 2023 to 2030 years. Analysts have also studied the market to understand potential threats and challenges the market companies could face. Although the market is poised to grow at a fast pace across form, applications, and alkalinity segments, factors such as high taxes could slow down the market's growth worldwide. 

Market Segmentation 

The refractories market has been segmented into form, applications, and alkalinity. Based on the segment which is form, the market is categorized on the basis of shaped and unshaped. The global market for refractories is further segmented based on applications into cement, glass, iron & steel, and non-ferrous metals. Furthermore, the market, on the basis of alkalinity is segmented into acidic & neutral and basic. 

The global market research report covers all the aspects of the refractories market based on the segmental analysis of these form, applications, and alkalinity segments. Analysts have also studied the global market's regional markets spread across many continents and countries. The form, applications, and alkalinity segments along with their sub-segments have been analyzed and companies functioning in the market across these segments are profiled and analyzed based on input and feedback from market based decision makers as well as primary and secondary sources. The market research report presents analysis based information for companies functioning in the market. 

Regional Overview 

The escalating price of raw materials may hinder the market growth. The refractories market research report suggests that companies in the market could be supported by increase in travel demand as well as environmental concerns during the forecast period. The market is set to register growth at a high CAGR owing to these key factors. The market is spread across North America, Europe, Asia-Pacific, and other parts of the world. The global market research report reveals that APAC, North America, and Europe regional markets will dominate the global refractories market for refractories during the forecast period 2023 to 2030. As per market analysts, the market is set to witness tremendous growth across acidic and neutral segments in North America which covers markets across the United States, Canada, Mexico and several other regional markets. Companies active in the market are also analyzed and studied in the market research report. 

The refractories market for Europe covers smaller market segments of Germany, Italy, France, and the United Kingdom. Additionally, the refractories market research report covers the Asia-Pacific region covering markets from India, China, Japan, Australia, and others. The market is also spread across the rest of the world. The market report covers all such regions including the Middle East, Africa, Brazil, and others. 

Competitive Landscape 

Refractories have seen increased demand over the years, due to recycling of refractories and rise in infrastructure development. Companies functioning in the global market are also being challenged due to overdependence on the steel and iron industry and unstable demands. Mergers and acquisitions by market companies are anticipated to help the market during the forecast period 2023 to 2030. As the market is set to register a high CAGR of 6.00% and is also anticipated to reach a USD 40 Billion by 2030, the report highlights key areas companies need to focus on. The report suggests that the market will see a healthy growth in the long run till 2030. Based on SWOT analysis and market’s analysis based on Porters’ Five Force Model presented in the market report. Mergers and acquisitions by market companies are anticipated to help the refractories market during the forecast period 2023 to 2030.  

Industry News 

Missouri Refractories Co, Inc. has been purchased from RHI Magnesita, the largest multinational provider of high-quality refractory materials, systems and solutions (MORCO). The site is strategically positioned in the middle of the U.S., an area which grows rapidly for RHI Magnesita. It manufactures over 400 monolithic mixtures that support a wide range of industries including steel, cement, limestone and glass. The staff also have the experience to supply the petrochemical industry with refractory products.

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